BET Holdings obliterates Q3 Street views 6-11-98

CBS.MarketWatch.com

BET Holdings shares could head higher Friday. The company (BTV)
BTV, -23.08%
said it earned 53 cents a share in its fiscal third quarter, smashing most Wall Street forecasts of 41 cents. The company's core Black Entertainment Network carried the load, as revenue rose to $22.4 million from $20 million a year earlier, and cash flow -- an important indicator of a media company's health -- jumped to $22.3 million from $18.7 million. The number of subscribers in April was 53.7 million, up from 48.1 million in April 1997. The shares fell 1/16 to 62 7/16 ahead of the report. BET Chairman and CEO Robert Johnson and Liberty Media (LBTYA)
LBTYA, +0.53%
plan to take the company private later this year by paying $63 a share for the stock they don't own. BET shareholders are expected to vote on the offer early this summer.

Belo CFO to resign

Michael Perry, CFO of broadcasting and publishing company A.H. Belo (BLC)
BLC, +0.00%
, will resign June 30 "to pursue new professional opportunities with broad management potential," the company said Thursday. In a press release, Belo said four other executives will be promoted as "part of a broader reorganization." Dunia Shive, current senior vice president of corporate operations, will replace Perry; Michael McCarthy, current senior vice president, general counsel and secretary, steps up to an executive vice president role; James Moroney, current head of Belo's television group, also moves to executive vice president; and Marian Spitzberg, vice president and deputy general counsel, adds the role of corporate secretary to her responsibilities.

Central Newspapers posts May revenue gain

Central Newspapers (ECP)
ECP, +3.82%
-- which publishes The Arizona Republic, The Indanapolis Star and News and other dailies -- said Thursday that total revenue for May rose 4.8 percent to $59 million, from $56.3 million in the same month a year ago. Advertising revenue edged 1.7 percent higher to $44.2 million from $43.5 million. In a press release, chief executive Louis Weil said the company should see ad revenue increase "later in the year" as year-earlier comparisons become less difficult. The shares rose 1/4 to 62 15/16.

Clearview to issue $80 million in bonds

Clearview Cinema Group (CLV)
CLV, -6.67%
said it will issue $80 million in bonds Friday. In a press release, the company said the proceeds will be used to refinance existing debt, "redeem its Class B preferred stock," and "fund a number of pending acquisitions and a new theatre development," as well as for general corporate purposes.

News sells TV Guide

Prevue Channel owner United Satellite Video Corp. (UVSGA)
uvsga
agreed to buy News Corp.'s (NWS)
NWS, +0.00%
TV Guide magazine for $2 billion in stock and cash in a deal that gives United a new digital platform for TV listings.

Another USA Networks defection

In the third defection of a major executive during the Barry Diller era, Rod Perth will step down from his role as the president of USA Networks' (USAI)
USAI
USA Entertainment unit as of July 10. Just last week, Studios USA Chairman Greg Meidel stepped down, and USA Networks co-founder Kay Koplovitz announced her resignation in April. Diller bought the company from Seagram (VO)
VO, +0.17%
last fall. Since Koplovitz's announcement, the stock has languished in the 24-27 range. The shares slipped 7/16 to 24 1/16 Thursday.

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